Tesouro IPCA Plus Yield Calculator

How Tesouro IPCA+ (NTN-B) returns work

The NTN-B pays IPCA inflation plus a fixed real coupon. To get the gross amount you use M = C · (1 + i_real)^n · (1 + IPCA)^n, with n being the holding period in years. The bond comes in two flavors. NTN-B Principal is zero-coupon and pays everything at maturity, while plain NTN-B hands you semiannual coupons along the way. In 2026 the papers are trading near 6.5-7% real, and if you tack on a 4% IPCA projection the nominal return ends up somewhere around 10-11% a year.

Say you put in R$ 10,000 at 6.5% real plus 4% IPCA over 5 years. That comes to roughly R$ 16,660 gross, a 66.6% gain. Keep mark-to-market in mind, though. If real rates climb and you sell before maturity, you can lock in a loss. Hold the bond to the end and you get the contracted real rate in full, plus whatever IPCA piled up.

Brazilian context

In Brazil, Tesouro IPCA+ is the go-to for locking money away long term. People use it for retirement, for inflation protection, for a kid's future education. The guaranteed real rate is what keeps your purchasing power intact when IPCA spikes, whereas a purely fixed-rate bond just gets eaten away quietly. For pure accumulation, NTN-B Principal is the more tax-efficient choice. The coupon version makes more sense if you actually need recurring cash, like a retiree drawing income.

FAQ

What is the real rate? It is the yield you earn on top of IPCA, so it reflects actual purchasing-power growth. A 6.5% real rate means your money grows 6.5% a year beyond inflation.

Can I lose money? On the secondary market before maturity, yes. If long real rates climb, the daily mark-to-market can turn sharply negative. But if you hold the bond to maturity, you still get the contracted real rate plus IPCA in full.

Principal or with coupons? If you're accumulating, Principal is the more tax-efficient route. Go with a coupon version when you actually need periodic income.

For how many years? Think five years and up. This is a long-term lock-in by design. If your horizon is short, Tesouro Selic fits better.